The scholarship will provide full tuition fees and a stipend for a fu​ll-time MBA student each year for 11 years. It will include an international exchange at The Wharton School of the University of Pennsylvania, one of the world's leading business schools, as well as access to an exclusive business network.

Lucy Hughes-Turnbull AO Chief Commissioner, Greater Sydney Commission, is th​e guest of honour, and will unveil one of the Business School's most prominent classrooms to be named in honour of the Luminis Foundation.

"I congratulate the Luminis Foundation on having the foresight to establish this scholarship program at UNSW," said David Gonski. "It shows how business can contribute to assisting future leaders and at the same time how a top university can provide opportunities for both its students and those who wish to assist them".

Lucy Hughes-Turnbull said "As an alumna of the AGSM MBA program I am delighted to see the Luminis Foundation create the Luminis Foundation AGSM Wharton Business Innovation Scholarship. The leadership provided by Luminis in this regard is to be highly commended."

Ron Malek of Luminis Partners said "We are genuinely excited to be part of a scholarship program that aims to create the next generation of leaders. AGSM and Wharton are two pre-eminent world class business schools and we are delighted to be partnering with them. For Luminis we could not think of a better initiative to launch our Foundation."

Simon Mordant AM of Luminis Partners said "When we set up Luminis Partners twelve months ago we said our Foundation would be central to all we do. Ron is an Alumnus of UNSW and I am an Alumnus of Wharton. We believe that education and innovation are fundamental to all we do and we are overjoyed to be partnering with UNSW and Wharton to create this long term scholarship program in business innovation."

Chris Styles, the Dean of the UNSW Business School said "This Scholarship will be one of UNSW's most prestigious scholarships, creating the next generation of outstanding leaders in business. It will help UNSW Business School attract the brightest minds to its MBA program, raising the calibre of the program and enhancing the School's international standing. It will enhance UNSW's reputation as the first choice for business education in the region."

Prospective MBA students at the AGSM@UNSW Business School will now be eligible to apply for a scholarship that will pay their fees and stipend to complete the full-time MBA program, which runs for a period of 16 months.

Professor Julie Cogin, Director of AGSM@UNSW Business School, said "This is an outstanding learning opportunity for MBA candidates. The scholarship will enable MBA full time study and international exchange to The Wharton School with a generous living allowance. The Luminis Innovation Scholar will get a first rate education experience from the AGSM and Wharton that will be instrumental in preparing them for a brilliant career."

Scholars will be selected on their academic record together with their leadership potential and will need to demonstrate that they have the credentials to forge a truly remarkable career in business.​